World Trade of Natural Oil
-Dr.Debesh Bhowmik
The world financial crisis in both USA and EU which had
spill over effects in the international economy had created bad impact on international
trade of natural oil.The middleeast and the African countries which are the
main producers of the world dwindled their exports since 2008 for which the import
demand of USA , Europe and Japan had fallen sharply since 2008 and the international oil price had started to
rise quickly as soon as the recession in EU began.USA imported 12872 thousands barrels daily in 2008 which fell down to 10587
thousand barrels daily in 2012 which was 19.1% of the total. Europe imported
13751 thousand barrel daily in 2008 which decreased to 12488 thousand barrels
daily in 2012 which was 22.6 % of the total.The import of Japan also stepped
down from 4925 thousand barrels to 4743 thousand barrels during the said
period.The middle east and Africa , the main suppliers of oil had cut down
their export . The middle east cut from 20128 thousand barrels daily in 2008 to
19699 thousand barrels daily in 2012 which was 35.6% of the total.Africa cut
from 9979 thousand barrels daily in 2008 to 7168 thousand barrels daily in 2012
which was 13% of the total.Mexico also cut down from 1609 to 1366 thousand barrels
daily during the said period.USA, being a strong producer of oil exported only
4.8% of the total exports in comparison to 5.5% of Canada in 2012.USSR had a
great role in oil export market and contributed 15.5% of total exports in 2012.
Table-1: Trade
Movements of Natural oil
|
Thousand barrels daily
|
2002
|
2008
|
2012
|
2012 share of total
|
|
Imports
|
|
|
|
|
|
USA
|
11357
|
12872
|
10587
|
19.1
|
|
Europe
|
11895
|
13751
|
12488
|
22.6
|
|
Japan
|
5070
|
4925
|
4743
|
8.6
|
|
Rest of world
|
16291
|
23078
|
27496
|
49.7
|
|
Total world
|
44613
|
54626
|
55314
|
100
|
|
Exports
|
|
|
|
|
|
USA
|
904
|
1967
|
2680
|
4.8
|
|
Canada
|
1959
|
2498
|
3056
|
5.5
|
|
Mexico
|
1966
|
1609
|
1366
|
2.5
|
|
S.¢ America
|
2965
|
3616
|
3834
|
6.9
|
|
Europe
|
2234
|
2023
|
2174
|
3.9
|
|
USSR
|
5370
|
8184
|
8597
|
15.5
|
|
Middle East
|
18062
|
20128
|
19699
|
35.6
|
|
North Africa
|
2620
|
3260
|
2604
|
4.7
|
|
West Africa
|
3134
|
4587
|
4564
|
8.3
|
|
Asia Pacific
|
3848
|
5392
|
6419
|
11.6
|
|
Rest of World
|
1551
|
1363
|
322
|
0.6
|
|
World Total
|
44613
|
54626
|
55314
|
100
|
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